purchased 11/2007 $417,000 30 yr fix at 6.375 %
current balance 1st mortgage 392,000
Zillow Zestimate value 534,800
2nd Mortgage Sovereign 110,000 interest only 3.5 %
Fannie Mae has my loan
Chapter 7 Bankruptcy was Discharged 11/2011
did not reaffirm 1st or 2nd mortgage
current on both loans
no lates in the last 12 months
All I provided to a Suntrust Mortgage broker was my loan #
Ill check for harp elegibility
What's your loan number?
Suntrust Response :
I checked for HARP-2 eligibility on your Fannie Mae loan.
Your loan is not eligible for the manual version which is the version that would allow the bankruptcy. The manual version does not require the running of automated underwriting (DU).
You would then default to the automated version, however the automated version requires 4 years after discharge on the bankruptcy.
Thank you so much for looking into this for me so quickly. What is it about my loan that makes it " not eligible for the manual version which is the version that would allow the bankruptcy "
I donít know; sometimes it depends on how the loan was originated; if it was done as no doc or light doc, both of which Fannie Mae used to offer, then itís often not eligible for manual.
Can anyone tell me if this all makes sense ?